Lecithin Market 2023 Detailed Analysis Report with Forecast to 2030 

The report published by The Brainy Insights shows that the global lecithin market is expected to grow from USD 550.2 million in 2021 to USD 1090.7 million by 2030, at a CAGR of 7.9% during the forecast period 2022-2030. Europe emerged as the largest market for the global lecithin market, with a 39% share of the market revenue in 2021. The increasing urbanization and rising economic developments in the region propel the market's growth. Furthermore, increasing health awareness among people drives the market's growth. The lecithin market in the region has been growing due to the presence of prominent market players and ample raw materials. They are expected to drive the market's growth during the forecast period.

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Global Lecithin Market Size By Source (Soy, Sunflower, Rapeseed, Egg, and Others), By End-use (Convenience Food, Bakery, Confectionary, Pharmaceutical, Personal Care And Cosmetics, Animal Feed, Others), By Form (Liquid, Powder, Granule), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030

Leading companies in the industry include American Lecithin Company, Global River Food Ingredients, Stern-Wywiol Gruppe GmbH & Co. KG, Haneil Soyatech Pvt. Ltd., AKK Soya International, Imcopo Food Ingredients B.V., Sime Darby Unimills B.V., Wilmar International Ltd., Tianjin Hexiyuan Lecithin Technology Co., Ltd., and Orison Chemicals Limited, among others which are offering more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

The source segment is divided into soy, sunflower, rapeseed, egg, and others. The soy segment dominated the market, with a market share of around 26% in 2021. Increasing demand for soy lecithin in the chocolate industry to replace cocoa butter owing to its high cost adds impetus to the segment's growth. The end-user segment is divided into convenience food, bakery, confectionery, animal feed, pharmaceutical, personal care and cosmetics, and others. Over the forecast period, the animal feed segment is expected to grow at the fastest CAGR of 8.2%. The increasing consumption of meat and poultry products owing to the presence of higher proteins propels the segment's growth. The form segment is divided into liquid, powder, and granule​. In 2021, the liquid lecithin segment accounted for the largest share of the market, with 46% and a market revenue of 253.0 million. The liquid lecithin market has been growing owing to its increasing use in various processing industries, such as cosmetics, industrial coatings, and confectionaries.

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The lecithin market is anticipated to be driven by the increasing demand for healthy food products and the increased application of lecithin in ready-to-eat baked goods, confectioneries, pasta, and instant foods. However, the fluctuating cost of the raw materials required for manufacturing lecithin restraints the market's growth. Furthermore, the outbreak of the Covid-19 pandemic hampered the market growth as several testing centers were put on hold to stop the spread of the disease.

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This release was published on openPR.